Qatar Petroleum carves foothold in Morocco

Qatar

DOHA, February 8, 2016 – Qatar Petroleum has acquired a 30% interest in Chevron’s deepwater offshore lease in Morocco, the Qatari state-run oil and gas firm announced today.

Under the agreement, Chevron will sell a large part of its interest in the project, retaining a dominant 45% stake. Morocco’s state-run Office National des Hydrocarbures et des Mines will hold the remaining 25%.

The three offshore sites are Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep, all located between 100 km and 200 km west and northwest of Agadir. They cover 29,200 sq.km with water depths of 100-4,500 metres.

“It is no coincidence that Qatar Petroleum’s international presence is now extended to Morocco, a country which Qatar enjoys special relations with,” Saad Sherida Al Kaabi, the CEO of QP, said.

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